Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-267-000"
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"en.20111012.19.3-267-000"2
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"Madam President, honourable Members, I want to thank the rapporteur, Ms Bowles, and her replacement, Mr Schmidt, and the other Members of Parliament for their very constructive approach to the proposal which highlights the significant interest the European Parliament has shown on the activities of the European Bank for Reconstruction and Development (EBRD).
The EBRD Board of Governors decided on a capital increase in May 2010. The authorised capital stock of the bank will increase by 50% from EUR 20 billion to EUR 30 billion. The purpose of the proposed legislation is to allow the EU to subscribe to additional callable shares in the EBRD, in proportion with the Union’s current share in the capital, which is around 3%.
The text examined today is the result of interinstitutional negotiations and the Commission fully supports it. We have now reached, I would say, a very balanced decision which will allow the EU to subscribe to the capital increase in line with the decisions taken by all our Member States. As such, this would be a very strong message about EU consistency and EU commitment both to the pre-accession countries and to the Eastern and Southern Neighbourhood which, as Mr Schmidt well described, is a key strategic priority for the European Union.
The EBRD activities are widely appreciated to help countries to implement economic transition. The additional capital will provide the EBRD with the necessary operational and risk-bearing capacity to sustain a high level of activity over the coming years. This is essential to continue to promote local private sector development and accompany the transition and economic recovery of the EBRD countries of operation.
The EBRD is not only playing a key role in supporting the financial sector and SMEs, but it also plays a role in energy efficiency and security, nuclear safety and environmental and municipal infrastructure. In the current post-crisis environment, the Bank will also better integrate into its priorities important qualitative dimensions of the transition and reform agenda, such as trade integration and regional cooperation, job creation and social sustainability, resource efficiency as well as innovation and greener projects.
Certainly, the EBRD will face a new and very important challenge with the expansion of its geographical scope to the southern and eastern Mediterranean. The Commission has supported this and we see this as a very clear political priority where the EBRD can play an important role. The Commission will thus put forward a formal proposal for a decision of the Parliament and of the Council to approve an amendment to the Agreement establishing the European Bank for Reconstruction and Development which would allow for such an expansion to the southern and eastern Mediterranean."@en1
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